Transitioning toward an insurance backed compensation scheme
Last updated: 18 Apr 2017
- Consulting body:
- Chartered Institute of Legal Executives
- Period of consultation:
- Runs from 10 March 2017 to 5 May 2017
- CML action:
- Preparing response
The Chartered Institute of Legal Executives (CILex) regulation is consulting on proposals to change their compensation fund rules.
This consultation makes a number of proposals to change the CILEx Compensation Fund Rules with a view to moving towards a largely insurance backed compensation scheme as opposed to the maintenance of a substantial fund.
This is intended to achieve a more proportionate and cost effective regime while maintaining robust consumer protection.
We will respond to this consultation on or prior to the closing date of 5 May 2017.